$SCTL Token
The token of the Societal Platform will be $SCTL
The native token of the Societal network is the $SCTL token. The initial supply of the token will be 1,000,000,000 $SCTL. The token will be used for a variety of items, such as: governance, staking, block rewards, and community incentives. The $SCTL token may also be used to purchase DAO memberships at a discount.
The $SCTL token features are as follows:
$SCTL holders will be eligible to control and vote on the governance of the network. Holders of the token will be able to create and vote for proposals which can include protocol upgrades, product features/direction, and treasury allocation.
$SCTL will be used to facilitate the consensus and operation of the network. The Societal parachain will require collators to operate. These collators will be required to stake $SCTL to be eligible to be selected as a collator. The staking of $SCTL disincentives malicious participants who will be punished if they behave as bad actors in the network.
Active collators and their delegators will receive block rewards for running a full node of the network. By creating parachain blocks and producing state transition proofs to the relay chain validators, they will receive rewards in the form of the $SCTL token.
Last modified 10mo ago